Ask Question
Social StudiesSocial Studies
17 November, 09:40

You are the curator of a museum. The museum is running short of funds, so you decide to increase revenue. When should you raise the admission price in order to increase revenue?

+3
Answers (2)
  1. 17 November, 09:52
    0
    If demand is elastic an increase or decrease in price of admission will decrease or increase the number of admission respectively and in turn can change the revenue of the museum and that change will depend on the elasticity. If the demand is inelastic there will be an increase in price which will lead to an increase in the revenue of the museum.
  2. 17 November, 12:27
    0
    The correct answer is: When the price ticket demand is inelastic.

    Explanation:

    Inelasticity is a characteristic of goods that do not change in quantity demanded in front of changes in prices. It is calculated by diving the percentage change in quantity demanded by the percentage change in price. If the result is greater or equal to 1, the product is elastic. If the result is lower than 1, the product is inelastic.

    Thus, if a museum curator intends to increase revenue by increase admission tickets price, the curator must make sure that the demand for the price tickets is inelastic.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “You are the curator of a museum. The museum is running short of funds, so you decide to increase revenue. When should you raise the ...” in 📘 Social Studies if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Which chief justice played a key role in defining the power of the u. s. supreme court and served as justice during the case of mcculloch v. maryland? a. alexander hamilton b. john roberts c. john marshall d.
Answers (1)
In order for the democratic gubernatorial candidate wendy davis to win the governor's race, she would have to win the suburban republican women voters. a. True b. False
Answers (1)
Which of the following regions would be most likely to seek more political autonomy from the central government? A. A city with an ethnically homogeneous population that is located close to the capital city B.
Answers (1)
What determines the value of an item? (A) the amount of goods that are produced (B) the capital required to build the factory (C) the unlimited wants of the consumers (D) the resources consumed in production
Answers (1)
If the poverty rate for teen mothers in a population is 48%, and the overall poverty rate for the population is 12%, what can be concluded about the effects of early parenthood on financial status?
Answers (1)
New Questions in Social Studies
Replications in experimental research are generally conducted to facilitate: a. internal validity. b. external validity. c. internal reliability. d. external reliability.
Answers (1)
The great smog happened
Answers (2)
Fiona, an employee at-will of Prestige Exterminators, is promoted to the manager of the accounting department.
Answers (1)
Which committee would be responsible for legislation regarding acquiring alternative fuel sources from US lands?
Answers (1)
The Massachusetts constitution, though amended, is the only constitution of the original thirteen states that still exists, because a. of an unwillingness to adjust to new ways. b. Massachusetts is a very politically active state. c.
Answers (1)
Home » Social Studies » You are the curator of a museum. The museum is running short of funds, so you decide to increase revenue. When should you raise the admission price in order to increase revenue?
Sign Up Forgot Password?